Hi,
While not strictly about investing, our plans do have an impact on our future investing, so I thought I'd seek advice.
My wife and I have just lodged plans for a dual occupancy on my parents property. It has been there PPOR for over 20 years.
At the moment the title deed is in my parents name as joint tenants.
We have been thinking of adding my wifes and my name to the title deed as tenants in common, specifying our % use of the land. This will reduce our stamp duty from the OSR ( found out in phone call to them ).
The biggest issue now is that if we move out in the future and rent our house out, the income will need to be divided up based on the % onwership on the title deed.
Is there any way around this at all?
Not sure where to head with this
Any suggestions would be great.
Thanks,
Peter
While not strictly about investing, our plans do have an impact on our future investing, so I thought I'd seek advice.
My wife and I have just lodged plans for a dual occupancy on my parents property. It has been there PPOR for over 20 years.
At the moment the title deed is in my parents name as joint tenants.
We have been thinking of adding my wifes and my name to the title deed as tenants in common, specifying our % use of the land. This will reduce our stamp duty from the OSR ( found out in phone call to them ).
The biggest issue now is that if we move out in the future and rent our house out, the income will need to be divided up based on the % onwership on the title deed.
Is there any way around this at all?
Not sure where to head with this
Any suggestions would be great.
Thanks,
Peter
